- This round of Series A is expected to be closed by the third quarter of this year and might be backed by VCs based in India and New York
- The company said it plans to deploy 60 per cent of the funds to build a state-of-the-art manufacturing facility with a capacity to produce 50,000 vehicles annually
As per media reports, Simple Energy plans to raise $15 million (over Rs 112 crore) in funding from domestic and foreign venture capital funds ahead of the launch of its flagship e-scooter Mark 2 mid this year. Simple Energy said that the Series A funding is expected to be closed by the third quarter of this year, and the capital raised will be utilised in setting up a manufacturing facility, among others.
It said that Simple Energy plans to raise $15-million in Series A. This round of Series A is expected to be closed by the third quarter of this year and might be backed by VCs based in India and New York.
Dominant player in the electric mobility segment
Suhas Rajkumar, Founder, and CEO of Simple Energy said that the company is looking to raise these funds to scale operations and building synergies with investors. In the next two years, it is aiming to be a dominant player in the electric mobility segment.The company is also developing indigenous technology in the powertrain of the vehicle which will be the foundation to our upcoming products.
The company said it plans to deploy 60 per cent of the funds to build a state-of-the-art manufacturing facility with a capacity to produce 50,000 vehicles annually, the rest of the funds will go into setting up experience centers, and scaling up the workforce.
